Trustee
An individual who holds or manages assets for the benefit of another.
For example, an indenture trustee is the agent of a bond issuer who handles all the administrative aspects of a loan, including ensuring that the borrower complies with the terms in the indenture.
An appointed person or institution that manages assets for the benefit of someone else. Trustees are most often trust corporations or trust departments of commercial banks that manage the assets for a fee based on a percentage of the size of the trust (usually under 1%). A trust may be very restrictive or it may allow the trustee wide discretion, depending upon the grantor's wishes.

Beneficiary
A person or entity named in a will or financial contract as the inheritor of property when the property owner dies.
A beneficiary can be a spouse, child, charity, or any entity or person to whom the property owner would like to leave his or her possessions and assets.